India Infoline Finance Limited Public Issue of Un-secured Redeemable Non-Convertible Debentures (NCDs) August 2012
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to general business plans and strategy of India Infoline Finance Limited (“Company” or “Issuer”) its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in Company 's business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation is based on Prospectus dated August 27, 2012 and does not constitute an offer, invitation or solicitation to purchase or sell, any securities of Company and should not be considered a recommendation for any investor to subscribe or purchase any of Company's securities including non convertible debentures. Neither this presentation nor any other documentation or information (or any part thereof), delivered or supplied under or in relation to the non convertible debentures or other securities of the Issuer shall be deemed to constitute an offer or an invitation by or on behalf of Issuer, the Lead managers and Co-Lead Manager, as such, makes no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified, is only current as on the date of the Draft Prospectus. Issuer, the Lead Managers and Co-Lead Manager assume no responsibility to publicly amend, modify or revise any forward looking statements on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. Issuer may alter, modify or otherwise change in any manner the content of this presentation without obligation to notify any person of such revision or changes. This presentation may not be copied and disseminated in any manner. The Company’s NCDs will not be offered, issued or sold in any country outside the jurisdiction of India, including the United States of America, whether pursuant to an exemption from, or in a transaction not subject to the registration requirements of applicable securities laws of any such jurisdiction. The information presented here is not an offer or solicitation of any offer to purchase or sell any equity, non convertible debentures or any other security of Issuer is proposing, subject to market conditions and other considerations, a public issue of non convertible debentures (‘NCDs’). The Draft Prospectus and the Prospectus are available on the website of the National Stock Exchange of India Limited, Bombay Stock Exchange Limited, SEBI, Lead Managers and Co-Lead Manager. Any potential investor should note that investment in debt securities involves a high degree of risk. For further details, please see the section titled “Risk Factors” in the Prospectus. Investors are urged to take any decision to invest in the NCDs issued pursuant to the Prospectus solely on the basis of the disclosures made therein. 2
Contents Industry Overview Parent Overview Company Overview Business Strategy Financial Performance Investment Highlights Issue Highlights & Structure Annexure 3
Industry Overview
Indian Financial Services Sector The Indian financial services sector has seen considerable broadening and deepening of the Indian financial markets Despite the rapid growth of the financial services, India remains an under-penetrated market in terms of financial intermediation Loans/GDP at 56% compares favourably with the levels of Asian peers which are in the region of 60%-130% Non-Banking Finance Companies (NBFCs) are an integral part of the country’s financial system, catering to a large market of niche customers Opportunity landscape for NBFC Market opportunity in small business & consumer lending Housing loans and Mortgage loans Small & Medium business loans Personal loans incl loan against security, gold loans Loan against property Commercial real estate loans Key enablers of growth for NBFC Strong market penetration and high operating efficiency - NBFC have strengthened their presence in tier II and tier III cities where penetration is low Product innovation and superior delivery - Given their deep understanding of customer needs, NBFCs focus on product innovation and customized product solutions. This helps the NBFCs maintain niche positioning and gives them an edge over the banks 5
Strong Industry Growth Drivers Real GDP growth - India Loan / GDP ratio as at end 2010 Source: IMF Source: CEIC Note: For India, ratio is calculated for the YE 31 March 2011 Mortgage loans / GDP ratio Gold loan market in India (Rs bn) % . 3 G 40 R: CA Source: European Mortgage Federation, 2010, World Bank, 2010 Source: IMa. CS 6
Gold Industry Overview Gold loan market in India (INR bn) Industry Overview As of FY 10, accumulated Gold stock in India is estimated at around 18, 000 tonnes which translates into 10% of the total global gold stock Annual demand in FY 10 was around 700 tonnes, which witnessed sharp increase to over 900 tonnes in 2011 % 0. 3 : 4 GR CA Organized gold loans market in India is estimated at around 350 -400 billion in FY 10 and estimated to increase to 520 -550 billion in FY 11 Organized gold loans market translates into 1. 2% of the value of total gold stock in India and signifies a hugely under penetrated market with a large potential Organized segment has registered a growth of 35 -45% and is expected to continue growing at the same rate over the next few years Source: IMa. CS Key Demand Drivers High Levels of Indebtedness • • NSSO 2003 survey on situational assessment of farmers’ indebtedness in the country estimated that 60. 4 % of rural households were farmer households, and of them 48. 6% were indebted Indebtedness was highest in Andhra Pradesh (82%) followed by Tamil Nadu (74. 5%) and Punjab (65. 4%) Policy Focus • • Gold loans viewed by the Government as effective means to meet the potential micro-finance demand in India In 2006 -07, Government of Tamil Nadu set a target of jewel loans worth 60 billion (75% of the total loan disbursement target) for co-operatives in Tamil Nadu Increasing Interest of Lenders in the Segment • Given the recent rise in default rates in the personal loan category, banks have started focusing on the gold loans segment, as the segment offers attractive returns (though lower than personal loans) with very low levels of defaults Changing Customer Attitudes and Preferences • Indian customers are experiencing changing psychographics (‘debt-averse psychology’) promoting creation of assets through growth in financial liabilities which is reflected in an annual growth of more than 35 -40% in retail credit over the FY 02 -10 Source: IMa. CS 7
Mortgage Loan Industry Overview Mortgage loans / GDP ratio Mortgage loans/GDP ratio stands at 9% in FY 11. There is significant opportunity to grow this market driven by latent demand for housing, rising income levels and favourable affordability Mortgage market has sustained over 25% CAGR over the last 10 years. Given the latent demand for mortgages, loan growth could be sustained at historical levels The focus of most lenders in mortgage lending is confined to salaried urban middle to high income segments The opportunity could be significantly expanded if the players were to focus on self employed segments as well. If the market landscape were to be expanded, potential growth rate could be even higher Source: European Mortgage Federation, 2010, World Bank, 2010 Key Demand Drivers Improved Affordability • • Rising disposable income, tax incentives and affordable interest rates have lead to improved affordability of households • Per capita net national income grew 15% CAGR during FY 05 through FY 11 Tax incentives were enhanced between FY 03 and FY 08 making home loans more affordable for households Increasing Urbanization • • India has been witnessing rapid urbanization over the last 10 years. Urbanization rate stood at 28% in 2001 and is expected to have risen rapidly through 2011 Rapid urbanization, favorable demographics (60% of the population are between age group of 15 -59 years) are likely to create demand for new homes and hence demand for home loans Rise in Property prices in non-metro cities to drive increase in Average Ticket Size • • Average Ticket Size is projected to increase by 7 -9% in 2011 -12 despite stabilisation or price corrections in markets including Mumbai, Delhi-NCR region, Hyderabad and Chandigarh among others The ATS is projected to rise to 1. 91 million in FY 12 from 1. 8 million in FY 11, registering a y-o-y growth of 6. 1 per cent as against 13. 2 per cent witnessed in FY 11 Source: CSO, Crisil Research, IMF, European Mortgage Federation, Go. I Census 8
Parent Overview
Overview of India Infoline Limited India Infoline Ltd (IIFL), incorporated in October 1995, is one of the leading players in the Indian financial services space • Services and products include retail broking, institutional equities, commodities and currency broking, wealth advisory, credit & finance, insurance broking, asset management, financial products distribution & investment banking • Services and products portfolio caters to the diverse investment and strategic requirements of retail, institutional, corporate and affluent clients IIFL has presence in over 4, 000 business locations which include over 1, 900 branches and over 2, 300 registered franchisees, spread across 959 cities in 28 states and union territories in India • The global footprint extends across geographies with offices in New York, London, Geneva, Hong Kong, Singapore, Dubai, Mauritius and Colombo Listed on BSE Limited and National Stock Exchange of India Limited 10
Corporate Structure India Infoline Limited India Infoline Finance Limited IIFL Realty Limited India Infoline Housing Finance Limited India Infoline Commodities Limited IIFL (Asia) Pte Limited IIFL Wealth Management Limited India Infoline Distribution Company Limited * The above chart does not cover all subsidiaries of IIFL 11 IIFL Capital Limited IIFL Capital Inc. IIFL Securities Ceylon (Pvt) Ltd India Infoline Asset Management Company Ltd
Company Overview
Overview of India Infoline Finance Limited India Infoline Limited 98. 87 % 100% India Infoline Housing Finance Limited • Engaged in housing finance • Engaged in distribution of financial products like mutual funds, etc India Infoline Finance Limited Engaged in • Mortgage Loans • Capital Market Finance • Gold Loans • Healthcare Finance 100% India Infoline Distribution Company Limited India Infoline Finance Limited, is a subsidiary of IIFL, which has an investment in India Infoline Housing Finance Ltd (IIHFL) and India Infoline Distribution Company Limited • IIHFL, subsidiary of India Infoline Finance Limited, received registration to operate as a Housing Finance Company from National Housing Bank in February 2009 • India Infoline Distribution Company Limited, a wholly owned subsidiary of India Infoline Finance Limited, is in the business of retail distribution of financial products including mutual funds, fixed income investments, RBI bonds and other savings products 13
Product Suite Key Products Product wise split of Asset Book (Rs. mn). 6% Mortgage Loans Capital Market Lending Gold Loans Healthcare Finance • • • Loan book size of Rs 30, 145 mn Retail & Corporate Mortgage Loans - includes Home Loans and Loans Against Property (LAP) Average sanctioned tenure of 153 months for Home loans and 120 months for Loans Against Property Loan book size of Rs 7, 497 mn Includes Loan against Securities, Margin funding, IPO financing, Promoter Financing and Open offer financing Average tenure of 3 -4 months FY 10 Total 16, 268 mn • • Loan book size of Rs 27, 706 mn Includes finance against security of gold jewellery. Presence of various schemes to suit borrowing requirements of customers • • Loan book size of Rs 1, 516 mn Includes finance of medical equipment, receivables & brown field projects, balance transfer of existing loan Target customer base includes clinics, diagnostics/ pathology centres, nursing homes, hospitals, medical/ dental colleges • 03 R: 1 CAG All figures as of 31 st March 2012 In FY 2012, Moneyline Credit Ltd merged into India Infoline Finance Limited Note: All numbers are on consolidated basis 14 FY 12 Total 67, 465 mn Company wise split of Asset Book (Rs. mn)
Business Strategy
Business Strategy Focus on Secured Retail Lending Enhancing the Product Bouquet v Focused on expanding our product portfolio v Satisfy client needs by introducing new product lines v Aid portfolio diversification v Increase focus on diversified secured loan portfolios in niche and promising segments v Continue to source a 100% secured book with high asset quality India Infoline Finance Limited Widening the Distribution Network Building a robust IT Infrastructure v The business utilizes a proprietary loan system v Additionally, best in class IT infrastructures from reputed vendors v Continued investment in IT infrastructure to aid growth Strengthen Operating Procedures v Good reach important for our business v Currently integrating all product with the gold Loan Branch network based on credit experience of the team and competitors v Continue to invest in strong operating procedures and risk management systems v Enhance ability to manage risks inherent to our business 16
Financial Performance
Growth Parameters Total Income (Rs. mn) PAT (Rs. mn) 1% : 15. CAGR % 8. 8 : 5 R AG C Loan Book (Rs. mn) Networth (Rs. mn) R: G CA . 8% 91 Number are on consolidated basis 18 % 5. 7
India Infoline Finance Limited – Key Ratios Particulars FY 12 FY 11 FY 10 FY 09 Yield on earning assets (%) 16. 76% 14. 31% 17. 01% 15. 28% Cost of funds (%) 11. 26% 9. 43% 9. 52% 9. 67% Net Interest Margin (%) 7. 45% 7. 17% 15. 30% 13. 95% Net Interest Spread (%) 5. 49% 4. 88% 7. 49% 5. 61% 4. 16 1. 71 0. 81 0. 19 Return on net worth (%) 7. 38% 6. 88% 4. 25% 5. 71% Return on assets (%) 1. 63% 2. 16% 2. 94% 3. 70% Cost to income (%) 84. 25% 74. 20% 67. 26% 63. 90% Cost to average assets (%) 12. 44% 9. 04% 8. 59% 8. 16% Gross NPA (%) 0. 56% 0. 44% 0. 60% 0. 11% Net NPA (%) 0. 40% 0. 36% 0. 46% - Capital adequacy (%) 17. 86% 29. 95% 47. 65% 97. 77% Tier I ratio (%) 15. 46% 29. 73% 47. 65% 97. 77% Consolidated Debt Equity Ratio (x) Standalone 19
Investment Highlights
Key success factors Strong parentage and Brand recall • Leverage on IIFL’s strong brand linkages and large retail distribution network Secured loan book and Strong asset quality • Over 99% of the Loan Book is secured with 0. 4% NPA as of 31 st March 2012 Adequately capitalized • Maintains capital adequacy higher than statutorily prescribed Extensive distribution channels and Branch network • • Company has a branch network of 1, 900 branches and a well established origination capacity Has access to IIFL Group’s presence in over 4, 000 business locations in India Experienced management team and Board • The board and the management team have a vast experience across relevant products & valuable domain knowledge Well defined processes • Well defined business processes including robust credit approval mechanisms, effective credit control/audit processes and risk management policies Technology, Analytics and Credit bureau usage • Robust loan management system and analytics ability. Extensive usage of the credit bureau and strong KYC procedures 21
Strong Parentage and Brand recall Diversified financial services company with a pan India presence Broking (1) Wealth Advisory Credit & Finance Listed on BSE and NSE India Infoline Limited Insurance Broking Asset Management Well established brand among retail, institutional and corporate investors in India Financial Products Distribution Brand associated with trust, knowledge leadership and high quality services Investment Banking Note : 1. Includes retail broking, institutional equities, commodities and currency broking 22 Key Service Offerings Distribution network across 4, 000 business locations
Secured Loan Book and Strong Asset Quality Gross NPA On Consolidated basis Net NPA On Consolidated basis % 1. 8 R: 9 CAG Loan Book (INR million) As of 31 st March 2012, over 99% of the Loan Book is secured 23
Adequately capitalized Capital adequacy ratio at 17. 86% - well above the 15% stipulated by RBI Note : Numbers are on Standalone basis 24
Extensive Distribution Channels and Branch Network We have historically expanded in markets that are of greater relevance to the products we offer Leverages IIFL’s existing network in over 4, 000 business locations across 959 cities in India As of March 31, 2012, Gold Loans business is carried out through 1, 297 branches Mortgage business is carried out from 34 branches and has access to 79 relationship managers and 208 DSA’s. Business is now integrating with the Gold Loan branch network based on credit experience of the locations, competition presence and performance 25
Experienced Management Team and Board (1/3) Board of Directors Nirmal Jain (Non-Executive Director) • • • Promoter and Chairman of IIFL He started his career in 1989 with Hindustan Lever Limited Chartered Accountant, Cost Accountant and PGDBM from IIMA R Venkataraman (Non-Executive Director) • • • Co-Promoter and Executive Director of IIFL Has over 20 years experience in the financial services sector B. Tech from IIT, Kharagpur and PGDBM from IIMB Pratima Ram (Wholetime Director & Chief Executive Officer) • • Has over 35 years experience in the financial services sector and extensive experience in Corporate and International Banking Holds a Masters Degree in Arts from University of Virginia Nilesh Vikamsey (Independent Director) • • Elected member of the Central Council, the Apex decision making body of ICAI A practicing Chartered Accountant for 25 years and is a Senior Partner at M/s Khimji Kunverji & Co. , Chartered Accountants, a member firm of HLB International 26
Experienced Management Team and Board (2/3) Board of Directors (ctd. . ) V. K. Chopra (Independent Director) • • Former Whole Time Member of SEBI Has over 39 years experience in the financial services sector including 3 years as chairman & Managing Director in Corporation Bank Mahesh Narayan Singh (Independent Director) • • Joined the IPS in 1967. He has over 35 years experience in public service He is a Post-Graduate in Physics from Banaras Hindu University Sunil Kaul (Non-Executive Director) • • Has over 20 years experience in corporate and consumer banking B. Tech from IIT, Bombay and PGDBM from IIMB Experienced and Distinguished Board of Directors 27
Experienced Management Team and Board (3/3) Management Team Name Designation Experience • Dhruv Jain Chief Financial Officer Mukesh Kumar Singh Head – Gold Loan Business Sachin Grover Head – Mortgage Business Anand Barua Head – Credit Underwriting Priya Kashyap Head – Credit Policy S. Venu Vice President – Operations Abizer Fakhruddin Motiwala Vice President & Head – Loan Against Securities Dilip Vaidya Company Secretary • • Has worked in companies such as ITC Classic Finance Limited, Kotak Securities Ltd, Bharti Airtel Ltd & Citi. Financial Consumer Finance India Ltd He holds a Bachelor’s Degree in commerce from University of Kolkatta He is a fellow member of Institute of Chartered Accountants of India (“ICAI”) He joined India Infoline Group in 1997 as Research Analyst. Currently, as President, he is heading Gold Loan and Life Insurance distribution business of IIFL In his career span of 14 years in India Infoline Group, he has worked in various department such as research, distribution of financial products, stock broking, gold loan, setting up distribution network across the country • • A management graduate with over 13 years of work experience in service industry In his previous stint with Citigroup India he was instrumental in launch & aggressive growth of Mortgage business • • He holds a Bachelor of Commerce ( Hons) from University of Delhi Has 19 years of experience in Banking and Financial Services having worked with ANZ Grindlays Bank, Standard Chartered and Citigroup • • Over 13 years experience with leading financial services companies including Citigroup In her last stint, she was instrumental in formulating credit policies, expanding credit analytics and implementing credit scoring models; also led the implementation of the first credit bureau in India • Over 14 years of experience in handling unsecured underwriting, backend operations, financial control operations for credit card business and branch retail asset and liability operations Currently handling the Loan Operations and expenses processing of the Company • • • Over 16 years of experience with companies such as Birla Global finance limited, ECL Finance Limited and DSP Merrill Lynch Ltd He is a commerce Graduate from Mumbai University He has worked in companies such Hathway Cable & Datacom Limited and Reliance Infrastructure Limited He holds a Bachelor’s Degree in commerce from University of Mumbai and is an associate member of the Institute of Company Secretaries of India 28
Well Defined Processes (1/3) Partnered with PWC & E&Y for risk evaluation and implementation of SOPs Strong Procedures Robust credit approval and credit control processes Gold Loan SOP Centralized and independent operations unit Independent audit unit for checking compliance with the prescribed policies and approving all loans at transaction levels India Infoline Finance Limited Home Loans Scorecard Strong risk management policies Multiple checks and verifications for all loan applications 29 Corporate Mortgage SOP
Well Defined Processes (2/3) Mortgage and Healthcare Process Flow 30
Well Defined Processes (3/3) Gold Loan Process Flow Channels Local Branch *KYC documents, residence proof, app form, photograph, agreement, PAN card, end-use letter, SPDC & signature proof Walk-In Customer walks into the branch with jewellery & docs Customer Service Web Terms agreed with customer **Two independent valuations done to ensure apt valuation amount and detect frauds. Lower of two valuations considered for loan purposes Non salaried Professionals/ referrals Phone **Valuation done by two internal valuers *Docs checked in branch & docket completed & docs signed Cash disbursal upto Rs. 10 Lac OR Loan approval Sanction letter handed over to customer at branch Post approval Customer service handles complaints, inquiries and loan-fulfillment Customer Service NEFT or Chq printing instructions issued to centralized OPS ^Jewellery stored in the vault Complete file with docs sent to OPS for storage Loan Execution Visiting #Jewellery stored in fire & burglar proof vaults. Vault operational with 2 keys – one set of keys is with BM & other with Valuer. Proper record are maintained of entry and exit. 31 Issuance of chq to customer or funds transferred electronically
Issue Highlights & Structure
India Infoline Finance Limited NCDs Issue – Key Highlights Public Issue of un-secured redeemable non-convertible debentures of face value of Rs. 1000 each, (“NCDs”), aggregating upto Rs. 2, 500 million. The company has an option to retain over-subscription upto Rs. 2, 500 million as well, aggregating to a total of upto Rs. 5, 000 million if need be. The NCDs are in the nature of subordinated debt and will be eligible for Tier II capital Interest rate of 12. 75% p. a. for 72 month NCDs (monthly, annual and cumulative options for interest payment) Effective Yield: 13. 52% p. a. (monthly basis), 12. 75% p. a. (annual basis) and 12. 75% p. a. (cumulative basis) Rated ‘[ICRA] AA- (stable)’, and ‘CRISIL AA-/Stable’ Indicating high degree of safety for timely servicing of financial obligations Such instruments carry very low credit risk Issue opens on September 5, 2012 Category III# Rs. 2, 500 mn + Rs. 2, 500 mn # With respect to applications received from Category III applicants, applications by applicants who apply for NCDs aggregating to a value not more than Rs. 0. 5 million, across all series of NCDs, (Option I and/or Option III) shall be grouped together, (“Reserved Individual Portion”) while applications by applicants who apply for NCDs aggregating to a value exceeding Rs. 0. 5 million, across all series of NCDs, (Option I and/or Option III), shall be separately grouped together, (“Unreserved Individual Portion”). 33
Issue Details Issue Summary Public Issue of un-secured redeemable non-convertible debentures Upto Rs. 2, 500 mn with an option to retain over-subscription upto Rs. 2, 500 mn aggregating to a total of upto Rs. 5, 000 mn Rating ‘[ICRA] AA- (stable)’ and ‘CRISIL AA-/Stable’ Issue Open September 5, 2012 Issue Close September 18, 2012** Intermediaries Lead Managers Co-lead Managers Registrar BSE and NSE Listing Issue Structure (Basis of allotment on a first come first serve basis) Category I (Institutional Portion) 40% of the Overall Issue Size Category II (Non-Institutional Portion) 10% of the Overall Issue Size Category III *(Unreserved Individual Portion) 25% of the Overall Issue Size Category III *(Reserved Individual Portion) 25% of the Overall Issue Size Note : * With respect to applications received from Category III applicants, applications by applicants who apply for NCDs aggregating to a value not more than Rs. 0. 5 million, across all series of NCDs, (Option I and/or Option III) shall be grouped together, (“Reserved Individual Portion”) while applications by applicants who apply for NCDs aggregating to a value exceeding Rs. 0. 5 million, across all series of NCDs, (Option I and/or Option III), shall be separately grouped together, (“Unreserved Individual Portion”). ** The subscription list for the Issue shall remain open for subscription upto 5 pm, with an option for early closure or extension by such period, upto a period of 30 days from the date of opening of the Issue, as may be decided at the discretion of the duly authorised committee of Directors of our Company subject to necessary approvals. In the event of such early closure of the Issue or extension of the Issue, our Company shall ensure that notice of such early closure or extension of the Issue is given as the case may be on such date of closure through advertisement/s in a leading national daily newspaper. 34
Terms of the Issue Options I II Tenure Frequency of Interest Payment Minimum Application III 72 Months Monthly Annually NA Rs. 5, 000 (5 NCDs) (for all options of NCDs, namely Options I, II and III, either taken individually or collectively) In Multiples of 1 NCD after the minimum application Face Value of NCDs (Rs. / NCD) Rs. 1, 000 Issue Price (Rs. / NCD) Rs. 1, 000 Mode of Interest Payment/Redemption Coupon (%) for NCD Holders Effective Yield (per annum) Through Various options available Redemption through various options available 12. 75% per annum NA 13. 52% 12. 75% 72 months from the Deemed Date of Redemption Date Redemption Amount (Rs/NCD) Allotment Face Value of the NCDs plus any interest that may have accrued Deemed Date of Allotment Date of issue of the Allotment advice Nature of Indebtedness Un-Secured Redeemable Subordinated Debt 35 Rs. 2054. 50
Annexure
India Infoline Finance Limited – Consolidated Profit and Loss account Particulars (Amount in Rs. mn) FY 12 FY 11 FY 10 FY 09 Income from Operations 9, 085 4, 711 2, 121 2, 280 451 484 219 101 Total Income 9, 536 5, 195 2, 340 2, 381 Employee Benefit Cost 1, 093 687 380 481 Other Expenses 1, 730 742 454 539 263 195 448 61 EBITDA 6, 450 3, 571 1, 057 1, 300 Interest & Finance Changes 4, 798 2, 213 280 424 150 17 12 16 1, 502 1, 340 766 860 448 418 228 168 1, 054 923 538 691 Other Income Provisions & Write off Depreciation Profit before tax Total tax expense Profit after tax 37
India Infoline Finance Limited – Consolidated Balance sheet Particulars (Amount in Rs. mn) FY 12 FY 11 FY 10 FY 09 Current Assets 48, 573 22, 313 17, 216 12, 652 Non-Current Assets 28, 497 16, 426 6, 210 2, 872 77, 799 38, 937 23, 481 15, 595 Current Liabilities 30, 936 13, 919 8, 970 1, 730 Non-Current Liabilities 32, 415 11, 606 1, 866 1, 757 Total Assets Total Liabilities 63, 351 25, 525 2, 372 237 12, 076 11, 040 12, 407 11, 871 Networth 14, 282 13, 412 12, 644 12, 108 Total Liabilities and Networth 77, 799 38, 937 23, 481 15, 595 Share Capital Reserves and Surplus 38 10, 836 3, 487
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